Markets Right Now: Tech, banks lead US stock indexes lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Technology companies and banks led stocks lower on Wall Street, extending the market’s slide to a fifth day.
Apple sank 2.8 percent Wednesday and JPMorgan Chase gave up 2.1 percent.
Energy companies held up better than the rest of the market as the price of oil turned higher, breaking a 12-day losing streak.
Bond prices rose as traders shifted money into low-risk assets. That sent yields down, which hurts banks by pushing interest rates on loans lower.
Internet companies did well. Facebook added 1.4 percent.
The S&P 500 index fell 20 points, or 0.8 percent to 2,701.
The Dow Jones Industrial Average lost 205 points, or 0.8 percent, to 25,080. The Nasdaq fell 64 points, or 0.9 percent, to 7,136.
The yield on the 10-year Treasury fell to 3.12 percent.
Stocks turned lower in midday trading, erasing a modest early rally and extending the market’s losses from a day earlier.
Technology stocks and banks were taking some of the heaviest losses Wednesday, outweighing gains in industrial companies and other sectors.
Apple fell 1.8 percent and Morgan Stanley lost 1.1 percent.
Energy stocks gave up an early gain even as crude oil prices, which have fallen sharply in recent weeks on concerns of rising supplies, headed higher.
The S&P 500 index fell 11 points, or 0.4 percent to 2,711.
The Dow Jones Industrial Average lost 94 points, or 0.4 percent, to 25,185. The Nasdaq composite fell 55 points, or 0.8 percent, to 7,256.
Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.
Stocks are opening broadly higher on Wall Street as the market recoups some of its losses from a day earlier.
Technology companies, retailers and banks accounted for much of the gain Wednesday.
Chipmaker Nvidia climbed 2.7 percent. Charles Schwab rose 1.7 percent.
Macy’s gained 2.2 percent after the department store chain reported strong quarterly results.
The S&P 500 index rose 18 points, or 0.7 percent to 2,740.
The Dow Jones Industrial Average gained 142 points, or 0.6 percent, to 25,429. The Nasdaq composite added 55 points, or 0.8 percent, to 7,256.
Bond prices fell. The yield on the 10-year Treasury note rose to 3.15 percent from 3.14 percent late Tuesday.